One simple reason for this is the on-demand music streaming market's mind-boggling pace of growth. According to this chart by Statista, based on data from BuzzAngle, the number of on-demand audio consumption jumped a whopping 82.6% year-over-year in 2016 to reach 250 billion total streams. That's a much bigger increase than the total number of on-demand video streams, which went up just 7.5% year-over-year.

What's perhaps more interesting is that the streaming growth came at the expense of album and song sales, which each dropped 15% and 24% from the previous year, respectively.

Don't expect a slow down any time soon: Streaming will grow to 50% of the global music market by mid-2019 and to 80% in 2025, according to Macquarie.